How COVID-19 will impact real estate

real estate

The Coronavirus continues to spread throughout communities across the country, which also means it will leave behind impacts in all sectors of both business and personal life – on how people live, work and play. Some are devastating, of course; others, a change from what used to be – and, with adjustments, are hopeful for the future.

The key factor to a promising future for real estate is rethinking business as usual by acting now to look ahead when the crisis is over. Leaders are looking outside the industry for answers – into the psychology, sociology and technology landscape of what will be. What will safe workspaces look like? Will home living still include those in search of condos out of fear of riding elevators? Business leaders and real estate agents in Myrtle Beach, S.C., are doing a deep dive into those transformative questions for predictive insights.

In our state of South Carolina, real estate is considered an essential business. Which means our agency is working hard to serve our clients, while also practicing safe social distancing during the uncertain pandemic still at-hand. Here are a few of the heaviest hitting impacts on real estate that we’re seeing, based on reports gathered by the National Association of REALTORS® (NAR):

*Lower mortgage rates. While U.S. mortgage rates are ever-changing, just as the changes and uncertainty of the Coronavirus, they did hit an all-time low in early March, with 30-year fixed-rate mortgages averaging 3.29%. This could be advantageous for buyers, as well as sellers, on setting the sale price.

*Delays on closings. Unfortunately, it has become more difficult and delayed to close on a real estate transaction because of safety and travel restrictions. Only a few states have authorized RON, or Remote Online Notarization. South Carolina Association of REALTORS® (SCR) and Coastal Carolina Association of REALTORS® are supporting a bill to allow remote online notarization here in the state, so there is hope that this will streamline the process.

*Luxury home sales on the rise. Reports indicate that wealthy buyers from China are looking to buy properties in Australia, Canada and the U.S. as a safer option to their nation during these times.

*Digital world domination. Physical distancing and travel restrictions have forced the industry to shut down in-person open houses and instead rely on virtual showings via video tours, FaceTime, Facebook Live videos and more. It’s a digital customer service that will now become commonplace, at least temporarily.

State guidelines on real estate services and restrictions are constantly changing, so be sure to check back for any updates on South Carolina.

Infographic provided by Master Movers, a residential moving company